Tremendous changes in the global economy, the mobile and wireless industry and the VC market over the past four quarters have been significant and apparent. The U.S. stock market is recovering after touching 12-year lows. Smartphone use is exploding, while the VC industry is struggling with lackluster returns. These trends are reflected in venture capital firms’ funding activity in the mobile and wireless space. In this report, we examine venture capital investment over the second quarter of 2010 with an eye on which sectors have attracted the most attention, and which areas are likely to continue to see growth in the coming months.